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we would address it together. >> mr. cook do you have any incumbent new york city in different approaches is that cultural between the two regulatory bodies? >> i can't speak to the cftc statute but one of the reasons it drove us to the rulemaking in the context is that we look at the data, and in our market the security based market most transactions involve a party that isn't in the u.s.. so this is a cross border market. and how you do the cross border roles is how you do title seven. and so, we felt under those circumstances that when you are looking at the whole, it was important to take a holistic approach the cross border rules and because it was such a significant, had such a significant impact on how they were going to work that we needed to do a formal rulemaking. >> to mr. cook, thank you. i know i am out of time. i'm comfortable with what mr. cook is doing because of the data that you're going to collect. mr. gensler, it makes me a little nervous and particularly because of the different approaches. you know, and there are so many other questions i want to get to. b
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